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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Dec. 31, 2022
INVESTMENT SECURITIES |
Schedule of amortized cost and approximate fair value of investment securities | The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value
December 31, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 47,904 | ​ | $ | 15 | ​ | $ | (9,396) | ​ | $ | 38,523
Agency securities | ​ |  | 93,745 | ​ | ​ | — | ​ | ​ | (7,084) | ​ | ​ | 86,661
Real estate mortgage investment conduits (1) | ​ |  | 34,952 | ​ | ​ | — | ​ | ​ | (6,041) | ​ | ​ | 28,911
Residential mortgage-backed securities (1) | ​ |  | 17,272 | ​ | ​ | — | ​ | ​ | (1,216) | ​ | ​ | 16,056
Other mortgage-backed securities (2) | ​ |  | 46,198 | ​ | ​ | 13 | ​ | ​ | (4,656) | ​ | ​ | 41,555
Total available for sale | ​ | $ | 240,071 | ​ | $ | 28 | ​ | $ | (28,393) | ​ | $ | 211,706
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,350 | ​ | $ | — | ​ | $ | (3,244) | ​ | $ | 7,106
Agency securities | ​ | ​ | 53,896 | ​ | ​ | — | ​ | ​ | (5,887) | ​ | ​ | 48,009
Real estate mortgage investment conduits (1) | ​ | ​ | 36,008 | ​ | ​ | — | ​ | ​ | (5,346) | ​ | ​ | 30,662
Residential mortgage-backed securities (1) | ​ | ​ | 126,271 | ​ | ​ | — | ​ | ​ | (19,254) | ​ | ​ | 107,017
Other mortgage-backed securities (3) | ​ | ​ | 20,622 | ​ | ​ | — | ​ | ​ | (3,683) | ​ | ​ | 16,939
Total held to maturity | ​ | $ | 247,147 | ​ | $ | — | ​ | $ | (37,414) | ​ | $ | 209,733
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Fair Value
March 31, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 44,104 | ​ | $ | 14 | ​ | $ | (4,514) | ​ | $ | 39,604
Agency securities | ​ |  | 43,848 | ​ | ​ | 1 | ​ | ​ | (3,144) | ​ | ​ | 40,705
Real estate mortgage investment conduits (1) | ​ |  | 35,563 | ​ | ​ | 1 | ​ | ​ | (2,847) | ​ | ​ | 32,717
Residential mortgage-backed securities (1) | ​ |  | 17,368 | ​ | ​ | 13 | ​ | ​ | (436) | ​ | ​ | 16,945
Other mortgage-backed securities (2) | ​ |  | 37,991 | ​ | ​ | 28 | ​ | ​ | (2,208) | ​ | ​ | 35,811
Total available for sale | ​ | $ | 178,874 | ​ | $ | 57 | ​ | $ | (13,149) | ​ | $ | 165,782
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 10,368 | ​ | $ | — | ​ | $ | (1,422) | ​ | $ | 8,946
Agency securities | ​ | ​ | 45,277 | ​ | ​ | — | ​ | ​ | (2,450) | ​ | ​ | 42,827
Real estate mortgage investment conduits (1) | ​ | ​ | 39,394 | ​ | ​ | — | ​ | ​ | (2,457) | ​ | ​ | 36,937
Residential mortgage-backed securities (1) | ​ | ​ | 137,343 | ​ | ​ | — | ​ | ​ | (8,883) | ​ | ​ | 128,460
Other mortgage-backed securities (3) | ​ | ​ | 20,718 | ​ | ​ | — | ​ | ​ | (1,859) | ​ | ​ | 18,859
Total held to maturity | ​ | $ | 253,100 | ​ | $ | — | ​ | $ | (17,071) | ​ | $ | 236,029
​
(1) | Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.
(2) | Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA and FHLMC.
(3) | Comprised of FHLMC and FNMA issued securities.
Schedule of contractual maturities of investment securities | The contractual maturities of investment securities as of December 31, 2022 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Available for Sale | ​ | Held to Maturity
​ |  | ​ | ​ |  | Estimated |  | ​ | ​ |  | Estimated
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
​ | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
Due in one year or less | ​ | $ | 5,618 | ​ | $ | 5,576 | ​ | $ | 5 | ​ | $ | 5
Due after one year through five years | ​ |  | 84,927 | ​ |  | 80,879 | ​ |  | 42,168 | ​ |  | 38,799
Due after five years through ten years | ​ |  | 57,980 | ​ |  | 49,934 | ​ |  | 29,798 | ​ |  | 24,514
Due after ten years | ​ |  | 91,546 | ​ |  | 75,317 | ​ |  | 175,176 | ​ |  | 146,415
Total | ​ | $ | 240,071 | ​ | $ | 211,706 | ​ | $ | 247,147 | ​ | $ | 209,733
​
Schedule of temporarily impaired securities, fair value and unrealized losses | The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or longer | ​ | Total
​ |  | Estimated |  | ​ | ​ |  | Estimated |  | ​ | ​ |  | Estimated |  | ​ | ​
​ | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized | ​ | Fair | ​ | Unrealized
December 31, 2022 | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses | ​ | Value | ​ | Losses
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 14,341 | ​ | $ | (2,024) | ​ | $ | 22,996 | ​ | $ | (7,372) | ​ | $ | 37,337 | ​ | $ | (9,396)
Agency securities | ​ |  | 50,832 | ​ |  | (1,047) | ​ |  | 35,829 | ​ |  | (6,037) | ​ |  | 86,661 | ​ |  | (7,084)
Real estate mortgage investment conduits (1) | ​ |  | 5,903 | ​ |  | (462) | ​ |  | 23,005 | ​ |  | (5,579) | ​ |  | 28,908 | ​ |  | (6,041)
Residential mortgage-backed securities (1) | ​ |  | 13,985 | ​ |  | (968) | ​ |  | 2,071 | ​ |  | (248) | ​ |  | 16,056 | ​ |  | (1,216)
Other mortgage-backed securities (2) | ​ |  | 25,409 | ​ |  | (1,540) | ​ |  | 14,384 | ​ |  | (3,116) | ​ |  | 39,793 | ​ |  | (4,656)
Total available for sale | ​ | $ | 110,470 | ​ | $ | (6,041) | ​ | $ | 98,285 | ​ | $ | (22,352) | ​ | $ | 208,755 | ​ | $ | (28,393)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 1,649 | ​ | $ | (777) | ​ | $ | 5,457 | ​ | $ | (2,467) | ​ | $ | 7,106 | ​ | $ | (3,244)
Agency securities | ​ | ​ | 20,800 | ​ | ​ | (1,473) | ​ | ​ | 27,209 | ​ | ​ | (4,414) | ​ | ​ | 48,009 | ​ | ​ | (5,887)
Real estate mortgage investment conduits (1) | ​ | ​ | 12,891 | ​ | ​ | (1,517) | ​ | ​ | 17,771 | ​ | ​ | (3,829) | ​ | ​ | 30,662 | ​ | ​ | (5,346)
Residential mortgage-backed securities (1) | ​ | ​ | 28,800 | ​ | ​ | (3,641) | ​ | ​ | 78,217 | ​ | ​ | (15,613) | ​ | ​ | 107,017 | ​ | ​ | (19,254)
Other mortgage-backed securities (3) | ​ | ​ | 5,457 | ​ | ​ | (760) | ​ | ​ | 11,482 | ​ | ​ | (2,923) | ​ | ​ | 16,939 | ​ | ​ | (3,683)
Total held to maturity | ​ | $ | 69,597 | ​ | $ | (8,168) | ​ | $ | 140,136 | ​ | $ | (29,246) | ​ | $ | 209,733 | ​ | $ | (37,414)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2022 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 32,767 | ​ | $ | (4,293) | ​ | $ | 3,282 | ​ | $ | (221) | ​ | $ | 36,049 | ​ | $ | (4,514)
Agency securities | ​ |  | 22,288 | ​ |  | (1,565) | ​ |  | 16,414 | ​ |  | (1,579) | ​ | ​ | 38,702 | ​ | ​ | (3,144)
Real estate mortgage investment conduits (1) | ​ |  | 17,334 | ​ |  | (1,310) | ​ |  | 15,275 | ​ |  | (1,537) | ​ | ​ | 32,609 | ​ | ​ | (2,847)
Residential mortgage-backed securities (1) | ​ |  | 15,702 | ​ |  | (436) | ​ |  | — | ​ |  | — | ​ | ​ | 15,702 | ​ |  | (436)
Other mortgage-backed securities (2) | ​ |  | 32,408 | ​ |  | (2,194) | ​ |  | 769 | ​ |  | (14) | ​ | ​ | 33,177 | ​ | ​ | (2,208)
Total available for sale | ​ | $ | 120,499 | ​ | $ | (9,798) | ​ | $ | 35,740 | ​ | $ | (3,351) | ​ | $ | 156,239 | ​ | $ | (13,149)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 5,911 | ​ | $ | (816) | ​ | $ | 3,036 | ​ | $ | (606) | ​ | $ | 8,947 | ​ | $ | (1,422)
Agency securities | ​ | ​ | 35,930 | ​ | ​ | (1,708) | ​ | ​ | 6,897 | ​ | ​ | (742) | ​ | ​ | 42,827 | ​ | ​ | (2,450)
Real estate mortgage investment conduits (1) | ​ | ​ | 26,233 | ​ | ​ | (1,715) | ​ | ​ | 7,735 | ​ | ​ | (742) | ​ | ​ | 33,968 | ​ | ​ | (2,457)
Residential mortgage-backed securities (1) | ​ | ​ | 111,096 | ​ | ​ | (7,160) | ​ | ​ | 17,363 | ​ | ​ | (1,723) | ​ | ​ | 128,459 | ​ | ​ | (8,883)
Other mortgage-backed securities (3) | ​ | ​ | 13,472 | ​ | ​ | (1,153) | ​ | ​ | 5,386 | ​ | ​ | (706) | ​ | ​ | 18,858 | ​ | ​ | (1,859)
Total held to maturity | ​ | $ | 192,642 | ​ | $ | (12,552) | ​ | $ | 40,417 | ​ | $ | (4,519) | ​ | $ | 233,059 | ​ | $ | (17,071)
​
(1) | Comprised of FHLMC, FNMA and GNMA issued securities.
(2) | Comprised of SBA and CRE secured securities issued by FHLMC and FNMA.
(3) | Comprised of CRE secured securities issued by FHLMC and FNMA.
​

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- Definition Schedule (table) showing the fair value of temporarily impaired securities, the amount of unrealized losses and the length of time these unrealized losses existed, as of the dates indicated. + References No definition available. + Details
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